One of the earliest backers of PsiQuantum says bringing the Californian-based quantum company to Queensland will “catapult” the local sector by crowding in investment and help prevent further brain drain from Australia.
Peter Barrett, the founding partner of early-stage venture capital fund Playground, has defended the federal government tender process that he says puts Australia at the “front of queue with quantum”.
Playground has US$1.2 billion (A$1.8 billion) in deep tech investments under management, with its largest holding in PsiQuantum. Since 2016, the VC firm has participated in three of its Seed and Series A funding rounds.
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